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Disaster Recovery After The Texas Storm
September 12, 2017
Disaster Recovery After The Texas Storm
THE ROAD TO RECOVERY
We at Kerr Consulting are wishing you all the best during this trying time, and hoping that through the catastrophic events of this storm you and those close to you remain safe and sound. Despite Harvey’s devastating impact, citizens of Houston and beyond have shown unwavering moxie in the face of adversity, and have band together to minimize damage and fortify community.
At Kerr, we have a great deal of respect for this response, and are making as many efforts as possible in aiding relief. We’re offering our assistance and resources, should you need us, and have partnered with Sage to match tax-deductible donations to the American Red Cross.
ASSESSING INVENTORY, MANAGING DATA ACCURACY, AND DOCUMENTING DAMAGE
There are a number of practical solutions you will want to implement in the speedy recovery of your business after a natural disaster:
After a storm of this magnitude it’s important to take inventory of your losses. Take stock of the items you need to replace, who can supply them, and how you’ll obtain them.
Account for any automated systems that could generate inaccurate data.
Review the ERP reporting and determine any discrepancies. If need be, restore to pre-disaster data. Moreover, be sure to make a thorough review of payroll, and account for any hours lost due to the storm. If you were closed, calculate accurate payroll entry for all of your employees.
Make sure to document damage.
Keep accurate records of any damages to facilities or machinery. If damage is significant, you might qualify for an impairment loss. This record keeping will be especially useful in terms of taxes due, as well as adjusting market values. It’s also important to note that certain counties may qualify for tax relief.
Make appropriate insurance claims,
and be diligent in reviewing what you are allowed to claim. There are various factors with regard to the policy that will affect insurance proceeds, so accounting treatment is crucial.
A storm such as this can seem devastating, but it doesn’t have to be a major setback. At Kerr consulting, we’re prepared to aid in your recovery every step of the way.
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